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Today Is The 40th Anniversary Of Nixon Ending Gold Standard And Creating Modern Fiat Monetary System
From GoldCore
Today Is The 40th Anniversary Of Nixon Ending Gold Standard And Creating Modern Fiat Monetary System
Gold has fallen today in all major currencies except the Swiss franc which has fallen sharply again on continued talk of SNB intervention. Gold is trading at USD 1,742.70, EUR 1,220.10, GBP 1,068.70, CHF 1,375.60 per ounce and 133,820 JPY/oz. Gold’s London AM fix this morning was USD 1,738.00/oz, EUR 1,214.11/oz, GBP 1,065.88/oz.
Gold in Swiss Francs reached 1,393.24 an ounce this morning – the highest price so far in 2011. Gold in Swiss francs has climbed 7.7% so far in August, 3.7% in 2011 and 8.2% in the past 12 months as gold reasserts itself as the true safe haven.
On this day, August 15th, 40 years ago, President Nixon announced the end of the Gold Standard and the end of the Bretton Woods international monetary system (see video of Nixon’s dramatic announcement here).
This was one of the most important decisions in modern financial, economic and monetary history and is a seminal moment in the creation of the global debt crisis confronting the U.S., Europe and the world today.
Cross Currency Rates
Nixon ushered in an era of floating fiat currencies not backed by gold but rather deriving value through government “fiat” or diktat.
While Nixon justified the move was that the U.S. , then as today, was living way beyond its means with the Vietnam war and growing military industrial complex leading to large budget deficits and inflation.
Governments internationally including the French and their President Charles de Gaulle were concerned about the debasement of the dollar and began to exchange their dollar reserves for gold bullion bars.
Subsequent to Nixon’s decision 40 years ago, the U.S. dollar has fallen from 1/35th of an ounce of gold to 1/1750th of an ounce of gold today.
Gold in Nominal USD – 1971 to Today (Weekly)
This is not the fault of “speculators”, rather it is the fault of profligate governments and central bankers debasing the U.S. dollar since 1971 (except for Federal Reserve Chairman Paul Volcker).
Today, U.S. dollars and all paper and digital money is declared by governments to be legal tender, despite the fact that it has no intrinsic value and is not backed by gold reserves.
Historically, currencies were based on precious metals such as gold or silver, but fiat money is based on faith and on the performance of politicians, bankers and central bankers.
Because today’s fiat money is not linked to physical reserves of gold and silver, it is becoming worth less with each passing month and risks becoming worthless should hyperinflation take hold.
If people lose faith in a nation's paper currency, the money will no longer hold value.
Throughout history most fiat currencies have not survived more than a few decades and have succumbed to hyperinflation.
The fiat currency or paper and digital based international monetary system has survived 40 years but is in terminal decline with many astute commentators now questioning whether it will survive the global debt crisis.
Gold’s role as a store of value and important monetary asset is being increasingly appreciated. Indeed, there are increasing calls for gold to again play a role in the global monetary system.
The President of the World Bank, Robert Zoellick, wrote in the Financial Times (‘The G20 must look beyond Bretton Woods II’ - November, 2010) that a new monetary system involving a basket of currencies “should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values”.
He also said that “although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today.”
This was an important statement regarding gold especially as it came from the President of the World Bank, the head of one of the most powerful financial and monetary organizations in the world.
Jack Farchy wrote in the Financial Times today, “the return of gold as a prominent financial asset is without doubt the most important development in the bullion market today.”
It is also a very important development for currency markets and for the global financial and monetary system.
Ex Economics Editor of The Telegraph, Edmund Conway wrote over the weekend how “we've had the financial crisis that usually marks the beginning of the end of established monetary systems. And now we are seeing the debasement.”
He wrote that the rising gold price “reflects many factors . . . but chief among them is a diminishing faith in the ability of fiat currencies to maintain their value.”
“These bouts of debasement typically end in disaster, as faith is lost in the currency, inflation shoots through the roof and the economy collapses, after which politicians introduce a new, more credible system.”
Conway warned that the “next stage of the crisis represents a crisis of confidence in the very system which, founded as it is on trust rather than measurable yardsticks, has no reliable, inbuilt way of righting itself.”
We have for many months now been warning of the real risk of an international monetary crisis and this risk looks more likely by the day.
While hyperinflation remains a worst case scenario, stagflation and a virulent bout of inflation looks almost certain in the coming months.
For the latest news and commentary on gold and financial markets follow us on Twitter.
SILVER
Silver is trading at $39.14/oz, €27.35/oz and £23.99/oz.
PLATINUM GROUP METALS
Platinum is trading at $1,789.00/oz, palladium at $754/oz and rhodium at $1,775/oz.
NEWS
(Financial Times)
Central banks polish gold’s shine - System of fiat money is 40 years old today
(MarketWatch)
Gold edges higher amid weaker dollar
(Reuters)
Spot gold falls 1 percent in third session of losses
(Bloomberg)
Gold Declines for Third Straight Day as Equity Rebound Trims Haven Demand
COMMENTARY
(The Telegraph)
Abandoning the gold standard was a seminal moment, and one we're now all paying for
(MarketWatch)
Commentary: What are all those gold-bashers saying now?
(London Bullion Market Association)
Brian Lucey: What do Academics Think They Know About Gold?
(ZeroHedge)
At 50x Leverage And 2% Tier 1 Capital, Is SocGen Truly A Paragon Of Balance Sheet Invincibility?
(Got Gold Report)
Gene Arensberg: Comex swap dealers cover gold shorts like a big dog
»
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Underachiever! You don't have enough shrunken heads to make your mother love you better. The Gospel according tlo double phi. Snake oil is too good for you, but that's all you have.
backed by debt with interest... triply insidious... especially when you consider that the money that represents the interest doesn't exist... therefore needs to be created... i.e. more debt issued.
Ahh, I remember the day well. I was building a new road in my back yard for my fleet of Tonka Trucks. However, I immediately recognized the importance of Nixon's decision and began trading my Tonkas, Hot Wheels and plastic Army men for PMs.
off topic....looking at this morning's open i'm drawing the conclusion that recession (continuing/double-dip/renewed....whatever) is now considered bullish
strange days
If Nixon were running as a Republican presidential candidate today, I would breath a sigh of relief, that at least one person on the podium has an ounce of integrity and honesty. Just an ounce. That's all I want.
Like the Virginia Slims billboard says "You've come a long way baby".
Obama is to the right of Nixon....
According to John Law and John Bernank fiat means "powered by tulips and paper number dreams."
"But the gold never has, and never will support the inflationary needs of private bank credit."
"then those who held the gold can monoplize the supply of money and credit, there by controlling inflation and deflation."
a) You assume inflation is a good thing.
b) What is different from the FED?banking cartel today?
At least with gold, there is some restriction on the amount of fractional banking and some minimizing of the credit induced boom/bust cycles we experience today.
A) inflation/deflation, whether good or bad, depends on who benefits. Today we are facing deflation, this benefits senior bond holders who gain as the quantity of total credit money contracts.
B) No difference. The Federal Reserve is neither federal nor a reserve but merely the tool by which we, the American public, have handed over control of the money supply to a consortium of primary dealer member banks. The Government must borrow the use of its money supply at interest from these banks.
Yes with Gold there is "some"restriction, but what little safeguard this provides, in practice none, is just a ruse to convince the masses that those who control the supply of gold, should control the supply of money. Originally this was the temple priests who monetized their stores of precious metal to obtain absolute power in exchange for "spiritual protection from the God's". Have you ever wondered why bank buildings are modeled after temples?
Confiscating gold in 1933 was a bigger event for average people, IMO. Removing gold from currency led to a 40% overnight debasement of the USD and removed the alternative currency from circulation. It was just 20 years after the Federal Reserve Act and put them firmly in charge.
The 1971 closing of the gold window occurred after the London "gold pool" cartel failed to keep artificial supression of gold at $35/oz. Interesting period. Even a plot to assasinate De Gaulle for insisting on gold, not paper, from USA. Noone is safe.
Richard Nixon never let me down.
-Hunter S Thompson
Every time some damn king, president, foreign mister, etc, gets their ego offended they need lots of 'money' to fight a war. During wartime sound money goes the way of liberty and civil rights... to hell in a hand basket.
For this to change would mean human nature would have to change... don't hold your breath...
Anybody seeing the worldwide revolution that is coming?
http://thehardrightedge.com/wethepeople/
Yep, a contrived one.
"Today, U.S. dollars and all paper and digital money is declared by governments to be legal tender, despite the fact that it has no intrinsic value and is not backed by gold reserves."
That's an arrangement bound to die a misserible death.
http://www.ft.com/cms/s/0/c8970a8c-c688-11e0-bb50-00144feabdc0.html#axzz...
brits threaten to take away welfare benefits from people who they found out were rioting. some british government officials are nervous. they say such a draconian move could lead to more neighborhood theft....oh really , no shit??? ha ha ha ha ha welcome to the wonderful wide world of politically correct diversity...........just think brits. if you had not let these scumbags into your country you would not be having this problem..........
To clean the oven effectively you need to sprinkle backing soda all over the bottom until it is covered completely. Then fill a spray bottle with water and spray the white powder until it is thoroughly damp, but be careful not to flood it. Now you need to wait, no scrubbing and no rubbing with sponges, the solutions will do everything. All you need to do is to spray it again if it is drying out or before going to bed. In the morning just wipe the oven surface with a sponge or clean cloth and you will remove all the grime. The last thing to do is to rinse out the white residue left by the backing soda.
This method suggested by end of tenancy cleaning services are natural and eco-friendly, they help us to keep the air and the environment at home clean and safe.
Assigning clever and demeaning names for public figures is a parlor trick in a world that needs wizards.
People seem to enjoy the name calling though. Another triffling distraction to raise the noise floor.
Let's all help each other put the shackles on, shall we?
Mark Faber discusses the economy, markets, gold and the dollar:
It is fitting that the fiat paper currency price of gold has entered it's parabolic phase in the month of the 40th anniversary of Nixon's default on gold.
At least we won't default: http://www.youtube.com/watch?v=q6vi528gseA&feature=feedf
Gov'ts completely crowding out the private sector. Won't be long till daily debt issuance is larger than world GDP. We should all be rich soon.
Every bozo has an opinon. For those of you who might bother to look up the facts, Nixon's deal with China pre-dates the gold window (April, 1971). It was all part of a package deal. THe US faced a serious problem in the early 1970s: rampant inflation. It came as a result of 3 key factors: the decade long, massive involvement in Vietnam and US oil production having peaked (in 1970) with the start of the US importing oil very quietly, for the first time. THe US was also starting to run big trade deficits with Europe.
Nixon's answer was money printing to pay for the war and the trade deficit. The trading partners (Britain and France and others) no longer wanted to accept degraded dollars and demanded gold. Gold was leaving US shores faster and faster. In response, Nixon shut the gold window.
Thus began the era of unhinged money printing, and the era of the deal with China and globalization all as one package. In 1971.
To bad the Dollar is in the toilet for this anniversary celebration. And we were just going to have cake !
Oh well, light the candles anyway........................
http://www.sgxniftydowfutureslive.com/index_files/DollarIndexchart.htm
Where can i read more about the French fleet in NY harbor?
You'll hear later...when they reach home port with the last of their 7 million in gold from the Louisiana Purchase..33 Liberty must be looking like 20 Broad museum-wise.
Silver has caught a serious bid today, and so has oil. The dollar flails about like a senile old man yelling about how Bernanke studied the great Depression. It is somewhat forgotten as to what monie is, even by such bright minds as Webster Griffin Tarpley, among others. The end result is inevitable: precious metal is monie, and it will be used as such soon. It stores wealth, and nothing else does, except land, and land ownership might be fun, but you will never own the land, the land owns you. So to protect yourself, and fight the establishment, buy silver. Its time is due.
http://www.youtube.com/watch?v=sh163n1lJ4M
there is not enough Gold to go around..
there never will be at this rate of population growth..
thusly! a LOT of you must die.
Please understand that gold is not the cause, sweet lite crude is.
Nixon,like the rest of the politicians,had Rothschilds cum dripping of their chins.
Fucking criiminals always seem to get in the Whitehouse.
I f'ing love that story of the guy whose father started buying toilet paper in bulk, from this Nixon announcement. What a MAN!
"And the American dollar will never again be held hostage!"
The same phantom enemies that control your mine.!!!
Volcker needed a hyperinflation of credit to "protect" the value of the currency - he was no fucking saint.
Exactly. He was a strict adherent ot MMT, supply-side whatever you want to call it. There has been only income stagnation in real terms since him.
I have nothing useful to add.
Neither did Nixon.
Well, I'm spent...think I'll got back to bed now. Someone wake me up when it's ALL over.
Amazing - could not believe the liars mouth covering/nose wipe @ 2.32 min when he says “that the USA has always and will always be a forward looking and trust worthy trading partner”. I though these politicos were supposed to be consummate liars
Other sections such as the dollar in you pocket will not be worth less (paraphrased) are redolent of Wilson in 1967:
“It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued."
Prime Minister Harold Wilson
You could not make it up
one must not forget one Mr. Arthur Burns:
http://en.wikipedia.org/wiki/Arthur_F._Burns
"Burns served as Fed Chairman from February 1970 until the end of January 1978. He has a reputation of having been overly influenced by political pressure in his monetary policy decisions during his time as Chairman[2] and for supporting the policy, widely accepted in political and economic circles at the time, that Fed action should try to maintain an unemployment rate of around 4 percent.[3] (See also: Phillips curve)
When Vice President Richard M. Nixon was running for President in 1959–1960, the Fed, under the Truman-appointed William McChesney Martin, Jr., was undertaking a monetary tightening policy that resulted in a recession in April 1960.[further explanation needed] In his book Six Crises, Nixon later blamed his defeat in 1960 in part on Fed policy and the resulting tight credit conditions and slow growth. After finally winning the presidential election of 1968, Nixon named Burns to the Fed Chairmanship in 1970 with instructions to ensure easy access to credit when Nixon was running for reelection in 1972."
sound familiar?
"Throughout history most fiat currencies have not survived more than a few decades and have succumbed to hyperinflation."
I see this thrown about often. But ive never seen statistics backing it. Would love to see some.
Few here have recognized what a traitor to this country Richard Nixon was. Few of his actions and policies weren't guided by his own personal profit. He took bribes domestically and internationally. Every step of the way it was one disaster after another.
Nixon ushered in the folly of American Modern Monetary Economics: reckless money printing, price controls, capital controls, taxes and finally the huge move toward outsourcing to CHina to combat the resulting inflation. let's not even talk about the disastrous Vietnam policies where again he accepted bribes. Or his political machinations at the expense of American democracy known collectively as Watergate. Even as he stepped on to the helicopter after resigning, he's smiling all the way and waving the victory sign.
STOP! WHAT IS MONEY? The money that the world uses today is created by private banks lending non-existent money called credit. This credit has never, does not and will never exist, except in theory on computer screens. People die and they starve all because they do not have enough digits on a computer screen. All of this credit, created by the private banks, is owed back to those same banks, plus interest. By design, there is never enough credit in circulation to pay back all the principal plus interest on the loans outstanding, which is why the concept of bankruptcy is built into the system.
Using the simple system above, banksters are given the ability to manipulate the world’s economies into ‘boom and bust’ cycles. In essence, the only difference between a boom and a bust is the amount of credit in circulation, or rather, the net amount of numbers on people’s computer screens. Initially, banksters create a boom by increasing the supply of credit in the economy. During this boom period, individuals and businesses are encouraged to take on more debt as they are more confident of increasing their income in the future. All this extra credit in the system leads to more activity, which in turn creates more confidence in the system, with many getting into more debt. This boom is akin to a fishing trawler, the bankster throws out a credit line and waits, once the bait has been taken the bankster begins to wind in the credit by taking credit out of circulation, it’s gone. The economy then moves into a slump or recession, simply because there are not enough units of credit in circulation. The banksters are then able to trawl from people the wealth that does exist, in exchange for money that never existed in the first place.
http://silverrevolucion.wordpress.com/2011/08/14/money-banksters-and-aug...
www.silverrevolucion.com
The US was headed down the bankruptcy road long before Nixon came along. LBJ and his Great Society and Vietnam War spending pushed us over the brink. Paul Volcker did stem the tide of wild money printing for a while, but his successors have been busily running the presses overtime ever since he left.
FRN's back by debt, on the backs of American debt-slaves for as many generations they can add to. Between inflation-slave, depreciation-slave, income tax-slave, sales tax-slave, war-slave via MIC and your flesh, or that of your son or daughter. There is no end too this enslavement.
fiat currency - the biggest scam in the world.
Actually, Nixon was DESTROYED by TPTB for "closing the gold window"...
Was the "gold window" open to Individuals, American Citizens, or any entities other than correspondent NATIONS (to Bretton Woods)? IT WAS NOT!
What was happening was The Usual Gang Of Confidence Men, fronting for TPTB were using France as a proxy to loot American Gold. Only France was surrendering the dollar for gold. Were there that many American tourists buying wine, cheese, and hotel rooms, or Peugot and Citroen automobiles in the early 70s? Where was France getting the hard currency to put forth so many greenbacks as to be a threat to US? The Usual Suspects???
Nixon PRESERVED America's gold reserves; at least for another generation.
Watergate was his takedown and comeuppance for not being a team player. Had there not so recently been JFK, MLK, and RFK assassinations so plainly visible, RMN likely would have been disposed of thusly. Lots of interesting folk worked their collective asses off to come together and serve TPTB to get rid of Nixon. Like anybody gave a shit about Watergate "crimes".
Richard Nixon did more than any other US President since Andrew Jackson to presever U.S. solvency.
"Deep Throat" = #2 Man in FBI under J.Edgar Hoover. 'nuff said.
Wasn't Volker part of the team that met at Camp David which decided to unpeg the dollar to the gold? Anyways, here is the most recent The Economist take on it...
Yep. And don't it remind you how them long drawn out distant conflicts are the bane of empires.
But didn't we forget to celebrate the coinage act of 1965 on July 23?
Yes, that was the precursor of the S&P downgrade.... Call it a mini-default, but that was basically a world-wide one as all countries took advantage of the opportunity to debase their coinage.
Nixon was the closest thing the Pubs had to a Carter or Clinton or Obama.....and he was way above them ! He doesn't define the party like Obama is the "sine qua non" of Dem Socialist New Deal mind rot ! Monedas 2011 Keeping things in perspective, kickin' ass and laughin' at liberals !
Un moment, Tyler ! Nixon may have put his nail in the Gold Standard coffin......but he isn't the author of fiat ! Monedas 2011 Are we going to celebrate the 80th anniversary of FDR/Barney Frank New Deal......that would be the "Shit Paper and Used Condom" anniversary, if you're planning on buying a gift ?
Where were the "Defenders of the Republic" in context to the crimes committed against U.S. and The Constitution by Bush I, Clinton, Bush II, and The Big O? No Polish attorneys coming forth from private practice in Texas by way of Nuremburg to prove their wrongdoings? No orchestration of outcry against Patriot Act and its renewal, or the Treasury Looting and variances/waivers so the muckety-mucks could continue their monetary shenanigans and gains while ostensibly representing The American Citizenry?
Where are the investigative reporters? The outraged democratic commentators and freelancing raconteur columnists?
Oh that's right. The never surfaced again after getting RMN and for damn sure can't be bothered with objecting to Wall Street Looting, Betrayal of Fiduciary and other duties of Oath; not to mention, the Murdering of The Constitution by men/women who swore to uphold and defend it.
Where are The American Defenders of Liberty, Justice, and The Constitution?
Oh, that's right, they all came together on that one Watergate Occasion and like a Little Rascals plot, decided between them all (Hey Kids! Let's Put On A Show!)
The absence of subsequent shows, not to be confused with the tragicomedies of Bork and Thomas, establishes just how contrived but purposeful the whole function of Congress could be. Recall that it was Aug 9th 74 when Nixon resigned.
Nothing changed after Nixon, in fact it all accelerated and became open-season on looting US. Just how did Bush end up on the Reagan ticket? Ronnie wondered about that one, probably right up to the point he was Hinckleyed.
Shit just seems to happen, all coincidental, eh?
Nixon chosen to be our Emanuel Goldstein long before Tim Osman.
Whew! At least we got America's worst politician removed in `74!
Except, of course "we" didn't.
Jim Rogers said US is heading into the 2nd lost decade.
http://www.bbc.co.uk/news/business-14500933
Problem: Freezing real wages while corporate profits soar to the moon will cause unrest and further labor organization. How to defang the producers in society, take their power from them?
"Only Nixon could go to China". Respected since he was Eisenhower's VP, nearly beat out the King of Camelot himself, ol Dick had creds and gravitas (as we call it today). So he went, made 'THE DEAL'. Now working class people are putting in the hours, wives working their asses off, kids are raised by schools and daycare, and the corporate profits are unreal.
Cheap Labor, cheap household goods. If the stagnant wages can purchase enough tennis shoes and tupperware to survive, the unions won't have as much anger and support as they might have had. Young men will join the military for a job. (I did) Yay WAR.
Unions are dying off, mission accomplished.
Poor dick, when he began to speak of that which cannot be mentioned, he was removed. I remember the headlines, every day. "Nixon Lied - Can America Survive?"
Now those in power face the next dilemma, millions of boomers want their SS, and are getting antsy.
Shall we kill them quickly, or just pilfer their assets, damage their health, until they off themselves?
God, The US is SOOOOOOO stupid.
Imagine, those French were willing to trade their global Reserve currency banknotes for some stupid yellow metal that earns no income and is only valuable due to short sighted tradition.
Just think of all the printed money the US would have saved on armed guards, logistics, etc. by just dumping the yellow rocks on the French and closing Fort Knox...
/sarc
This is the axe I grind with all Keynesians. If Gold has no value, then why did Nixon close the Gold window? Why?
Could it possibly be that like beauty, value is actually in the eye of the beholder? Is it possible that value is NEVER defined by academics or bureacrats, and can never be relied upon as a stable denominator of transaction?
In other words, it it possible that the fair value and price of money, like all thingds, should be left to the markets to determine?
Do you really believe Keynsians do not think that gold has value? Why don't you review what Keynes proposed in lieu of the US dollar for Bretton-Woods I? I also suggest that you read "The Lords of Finance" to get an idea of the problems of gold alone being the international reserve currency....
The funny thing is we were running the deficits because of Vietnam and it's associated MI complex costs.
So it order to understand vietnam better, you have to understand that it got us off the gold standard.
Funny how France was part of the pressure redeeming the gold, when it was France who we took over for in Vietnam.
1) Take over for us in Vietnam....you're spending too much money on Vietnam....give us your gold....
2) NO?....let's play a monetary game instead and take us off bretton woods....then we can have our imperialist cake..and eat it too....and of course the monetary scumbags knew exactly what to do once the limits were removed from them. 40 years of fraud later, we see the results, or I should say, the beginning of the results.
All to keep imperialism flowing in Vietnam, and it's effects were, to usher it onto the world stage destroying virtually everyone. So in a very real sense, Vietnam destroyed America. Without the gold standard all the products of fiat were launched into the system, whenever it got too far past the law, they just rewrote the laws to first weaken, then repeal Glass-Steagall....so they could continue amping up their fraud, to make money...while stripping more out of the system and replacing it with a clusterfuck of black swans ready to take down the whole system.
What we are facing now, is a direct result of the systemic imbalances created (the products foisted upon the world...that create fictious fiat unproductive debt) through the combination of getting us off the gold standard, couple with weakening and removal of Glass-Steagall. Of course whose hand was in the cookie jar the whole time, which could be added to the others as part of it? Federal Reserve. One unholy trinity.
Glass-Steagall can wipe those fictious claims from the system.
Then we can bring back a new Bretton Woods.
Productive debt is not the same as Fraudulent debt. We only create the latter now, and any of the former gets crushed in its ability to pay off it by the effects of the latter. Not all debt is created equal. But under our monetary system, it basically is, and banksters create whatever they want as long as someone thinks it works via whatever bribed idiots using whatever dogma they learned in a intellectually bankrupt monetary school.
It's not about human nature, it's about monetary greed. It won't happen if we know how the idiots would setup and use the system for their gain at the detriment of us. Make it illegal, pass on that knowledge worldwide, and you need not worry about human nature. Make it impossible for 'human nature' to do anything about it because the system won't allow for it. It can be stopped. We have all the info we need. Every day we're and the whole world is living the rammifications. We gave the idiots the keys to create this, and we can take it back..
The first true step is Glass-Steagall. Glass-Steagall worldwide. It's so simple a caveman can do it. Which is apparently why Obama, his democrats, the republicans, and the tea party aren't doing it. Focus on ideas and principles, not parties.
Pass Glass-Steagall
Vote out the members of congress that won't pass it
Impeach obama who won't sign it (his list is long, and just because we didn't impeach Bush, doesn't mean we should give Obama a pass as well)
Will celebrate this anniversy with a Jan '12 175/200 bull call spread. If gold isn't money and money isn't money, how can I lose?
Has it been that long since the United Snakes of America,fucked the world up the ass,Dry...?
Boy,time sure flies when ur havin fun...!!!
Of course it's nothing LaRouche hadn't seen coming.....
Forty Years Later, After LaRouche Told You So: The August 15, 1971 Turning Point
http://www.larouchepac.com/node/19085
Hey, Fluckmeister ! Keynes is pushing FDR in his wheel chair while Barney Frank is giving FDR a blow job ! They are the poster children for 80 years of New Deal ! You want to resurrect him and re-invent him ? Was he just another mis-understood, under appreciated Socialist with a heart as big as all out doors ? Monedas 2011 Don't piss me off.....I might lose my charming, avante garde sense of humour !
My, my, Monedas aren't we articulate....
Sorry, your sense of humour is hardly charming and definately not avant garde...
Let me guess, are you an intellectually bankrupt minarchist? Or perhaps a naive Randian? Based on your previous rants, me thinks you are nothing more than angry fool who can't figure out what really happened. Maybe just upset that Glenn Beck got shit-canned. I feel sorry for you, but you do need to grow up and get on with things.
Edit: Should have added that if you don't have the decency to reply directly, why should I?
I didn't know GB got shit canned ! I barely have time for Rush, but what little I've seen of GB I like !..............Socialism has failed miserably everywhere.....and it has been tried everywhere.....and I think it's important to keep pointing that out ! I'm not really pissed off.....I'm having too much fun watching the Socialists squirm ! Monedas 2011 Using my humour as a weapon against evil......that's what I do !
Don't have much time as my ciaoppino is almost done....
If you want to rant against socialism there are a few guidelines to follow
1. Avoid empty rhetoric... make your case clearly. Bring some real meat to the table...
2. Be sure you understand what socialism actually is, I am not sure you do. Or you might be confused, that happens alot here at ZH...
3. Check the Ritalin dosage.... you need to stay on target.
Put something together and in 45 minutes or so I'll check back and take a look at it. and We can then see where we can go from there.
Socialism is for people who actually prefer public restrooms ! Monedas 2011 Comedy Jihad World Tour
Two hours and that was all you could come up with?
Now run along, maybe we can play again another day...
This article is total fucking bullshit.
Nixon severed the tie to gold because the Pentagon spent too much money overseas period (the Viet Nam war, the Korean War & our overseas military bases & personnel). In 1949, the U.S. dollar was not only as “good as gold”, but it was also preferred over gold. While the Pentagon was running trade deficits (thus generating an overall trade deficit), the private sector ran surpluses in every year except 1957 clear up until 1976.These deficits, combined with our inflationary war-financing practices, soon created a situation in which gold was under priced at $35 per ounce, & foreigners had the dollar balances to buy gold.
This they did with a vengeance. In 1950, we held about two-thirds of the world’s monetary gold stocks. By March, 1968, this stock had been reduced by about 60% and we suspended the free convertibility of dollar obligations into gold, except to certain central banks.
The last vestige of legal reserve and reserve ratio requirements against the Federal Reserve Note, demand deposit, and inter-bank demand deposit liabilities of the Reserve banks was eliminated in 1968.
I.e., military expenditures are a double edged sword (they simultaneously increase both the trade deficits and the federal budget deficits). In contrast to Anna Swartz
A fiat system is where the volume of currency issued is dictated by the deficit-financing requirements of the issuing government. In contrast, the essence of our managed-currency system, is a system in which the volume of currency in circulation is impersonally determined by the total effective demands of the public or the amount which meets most closely the needs of trade.The basic process by which currency is put into and taken out of circulation is through the banking system. The volume of currency held by the public needs no formal or specific regulation since it is impossible for the public to acquire more of a given type of currency without giving up other types of currency, or else bank deposits. In other words, under our managed system it is impossible for the public to add to the total money supply consequent to increasing its holdings of currency.
I'm not getting paid for this gig and I'm not running away from a fight ! Give me your best shots from time to time.......and my wisdom will be revealed over time ! Anyone defending Socialism runs the risk of my wicked humour delivered with good cheer ! My "Chia Pet" salad is almost ready ! Ciao 4 niao ! Monedas 2011 Spaghetti and meat ball wisdom for the croissant crowd !